EURUSD aiming higher this week to 1.3505/20 targets

•       A resilient, inside pattern pause Monday after a grind higher through last week as we restate our view “we still see upside risk through mid-month to the area defined by the 78.6% retrace of the Q1 sell off and chart high at 1.3505/20”.

•       The re-energizing of bullish pressures last week from modest support at 1.3178/75 through interim chart and retrace resistance factors at 1.3318 and 1.3350 favours further gains this week.

•       We see a minor target early this week at the 1.3434 failure peak and aim for 1.3505/20 this month.

WHAT CHANGES THIS?

Below 1.3175 eases bull risks; through 1.3040 signals a more neutral tone, only shifting negative below 1.2950/40.

Please download audio-visual analysis here: members.marketchartist.com/LS/EURUSD.pdf

MARKET CHARTIST VIEW, 12-June-13

• A still more resilient consolidation, up just through the top of last Thursday’s strong rally range, which took us above the notable 1.3245 peak, established a short/ intermediate-term base and favours a still more solid tone into June.
• Whilst above support at 1.3040, we still see upside risk through mid-month to the area defined by the 78.6% retrace of the Q1 sell off and chart high at 1.3505/20.
• Interim barriers are seen at chart level 1.3318 and 1.3434 and 1.3350 retrace resistance.

WHAT CHANGES THIS?

• Below 1.3115/00 eases bull risks; through 1.3040 signals a more neutral tone, only shifting negative below 1.2950/40.  

Please download audio-visual analysis here members.marketchartist.com/LS/EURUSD.pdf